An official of Iranian Automotive Parts Manufacturers Association said that the manufacturers are ready to cooperate with Azerbaijani counterparts.

Speaking to Trend News Agency, Secretary of the Iranian Automotive Parts Manufacturers Association Mohammadreza Najafi-Manesh pointed to the cooperation between leading Iranian carmaker, Iran Khodro, and Azerbaijan's AzEuroCar LLC, and said Iranian auto parts makers are capable of working with Azerbaijani industrialists.

He added that Iranian and European firms have already formed more than 50 joint ventures for producing car parts in the Islamic Republic.

According to the official, there are about 1,200 auto parts suppliers in Iran.

Iran's Ambassador to Azerbaijan Javad Jahangirzadeh had earlier told Trend that Iranian and Azerbaijani carmakers are expected to launch a joint venture in early September and the first products of the plant in Azerbaijan's Neftchala Industrial Quarter is expected to be marketed in autumn.

In 2016, AzEuroCar LLC and Iran Khodro signed an agreement to set up a joint car plant in the Neftchala Industrial Quarter. The plant, with a capacity of about 10,000 cars per year, will produce four Iranian car brands — Dena, Runna, Soren and Samand. The project is worth $15 million.